Observatory · observe first

Allocation and performance can disagree

Read two independent dimensions together. A position on this map describes the observation—it does not imply what happens next.

Historical time machine
Historical observation
20182026

Market allocation quadrant

Horizontal: 12M weight change (pp) · vertical: 12M relative return (%) · bubble size: current loaded-universe weight

-9.00 pp-130%-4.50 pp-65%+0.00 pp+0%+4.50 pp+65%+9.00 pp+130%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.28 pp weight change; -6.4% relative return; weight 1.24%Technology Hardware, Storage & Peripherals: -1.00 pp weight change; +0.5% relative return; weight 8.36%Technology Hardware, Storage & PeripheralsBiotechnology: -0.34 pp weight change; -3.6% relative return; weight 2.13%Health Care Equipment: -0.27 pp weight change; -0.1% relative return; weight 2.52%Health Care EquipmentIT Consulting & Other Services: -0.15 pp weight change; -1.2% relative return; weight 1.14%Application Software: -0.34 pp weight change; +0.4% relative return; weight 3.41%Application SoftwareSemiconductors: +8.70 pp weight change; +22.6% relative return; weight 12.14%SemiconductorsAgricultural Products & Services: -0.04 pp weight change; -42.8% relative return; weight 0.09%Human Resource & Employment Services: -0.05 pp weight change; +1.0% relative return; weight 0.40%Multi-Utilities: -0.07 pp weight change; -0.8% relative return; weight 1.19%Electric Utilities: +0.03 pp weight change; +7.9% relative return; weight 1.48%Independent Power Producers & Energy Traders: +0.00 pp weight change; +22.7% relative return; weight 0.07%Life & Health Insurance: -0.08 pp weight change; +0.2% relative return; weight 0.44%Multi-line Insurance: -0.04 pp weight change; -4.5% relative return; weight 0.18%Insurance Brokers: -0.13 pp weight change; -7.5% relative return; weight 0.73%Internet Services & Infrastructure: +0.01 pp weight change; -26.3% relative return; weight 0.13%Specialty Chemicals: -0.08 pp weight change; -1.3% relative return; weight 0.60%Health Care Supplies: -0.00 pp weight change; -13.8% relative return; weight 0.14%Property & Casualty Insurance: -0.02 pp weight change; +7.7% relative return; weight 1.11%Building Products: +0.07 pp weight change; +25.5% relative return; weight 0.55%Semiconductor Materials & Equipment: +0.17 pp weight change; +3.3% relative return; weight 0.64%Electrical Components & Equipment: -0.04 pp weight change; +4.2% relative return; weight 0.62%Asset Management & Custody Banks: +0.35 pp weight change; +26.0% relative return; weight 1.03%Telecom Tower REITs: -0.09 pp weight change; -8.2% relative return; weight 0.40%Broadline Retail: -0.08 pp weight change; +5.9% relative return; weight 4.66%Broadline RetailOil & Gas Exploration & Production: -0.45 pp weight change; -29.4% relative return; weight 0.77%Industrial Gases: -0.17 pp weight change; -10.2% relative return; weight 0.67%Electronic Components: +0.07 pp weight change; +31.5% relative return; weight 0.19%Automotive Parts & Equipment: -0.05 pp weight change; -50.8% relative return; weight 0.03%Office REITs: -0.01 pp weight change; +3.2% relative return; weight 0.08%Paper & Plastic Packaging Products & Materials: +0.03 pp weight change; +9.8% relative return; weight 0.38%Water Utilities: -0.01 pp weight change; -9.3% relative return; weight 0.06%Consumer Finance: +0.11 pp weight change; +37.7% relative return; weight 0.64%Automotive Retail: -0.03 pp weight change; -8.1% relative return; weight 0.13%Aerospace & Defense: -0.21 pp weight change; +3.5% relative return; weight 2.20%Aerospace & DefenseDiversified Banks: +0.23 pp weight change; +24.3% relative return; weight 3.51%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -5.8% relative return; weight 0.04%Computer & Electronics Retail: -0.00 pp weight change; +6.9% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: +0.06 pp weight change; +27.3% relative return; weight 0.54%Oil & Gas Equipment & Services: -0.23 pp weight change; -37.7% relative return; weight 0.28%Pharmaceuticals: -0.88 pp weight change; -7.4% relative return; weight 4.23%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -0.2% relative return; weight 0.00%Health Care Distributors: -0.10 pp weight change; -12.2% relative return; weight 0.34%Construction Machinery & Heavy Transportation Equipment: +0.03 pp weight change; +21.2% relative return; weight 0.74%Financial Exchanges & Data: -0.06 pp weight change; +4.3% relative return; weight 1.07%Real Estate Services: -0.01 pp weight change; +3.0% relative return; weight 0.16%Fertilizers & Agricultural Chemicals: -0.05 pp weight change; -13.3% relative return; weight 0.15%Regional Banks: +0.05 pp weight change; +36.0% relative return; weight 0.33%Household Products: -0.08 pp weight change; -7.2% relative return; weight 0.39%Air Freight & Logistics: -0.18 pp weight change; -19.3% relative return; weight 0.42%Cable & Satellite: -0.24 pp weight change; -29.8% relative return; weight 0.41%Health Care Services: -0.26 pp weight change; -23.8% relative return; weight 0.49%Restaurants: -0.13 pp weight change; -16.3% relative return; weight 1.10%Managed Health Care: -0.80 pp weight change; -25.6% relative return; weight 1.59%Consumer Staples Merchandise Retail: +1.02 pp weight change; +19.3% relative return; weight 2.69%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.06 pp weight change; +8.2% relative return; weight 1.18%Communications Equipment: -0.17 pp weight change; -6.6% relative return; weight 0.79%Rail Transportation: -0.16 pp weight change; -10.8% relative return; weight 0.62%Diversified Support Services: +0.14 pp weight change; +6.0% relative return; weight 0.37%Integrated Oil & Gas: -0.29 pp weight change; -19.5% relative return; weight 0.64%Passenger Airlines: +0.04 pp weight change; +37.5% relative return; weight 0.19%Agricultural & Farm Machinery: -0.10 pp weight change; -15.1% relative return; weight 0.26%Homebuilding: +0.02 pp weight change; +26.9% relative return; weight 0.26%Movies & Entertainment: -0.08 pp weight change; -3.4% relative return; weight 0.55%Data Center REITs: -0.02 pp weight change; +1.8% relative return; weight 0.34%Health Care REITs: +0.06 pp weight change; +22.5% relative return; weight 0.30%Industrial Machinery & Supplies & Components: -0.07 pp weight change; +5.1% relative return; weight 1.10%Research & Consulting Services: -0.01 pp weight change; +2.2% relative return; weight 0.17%Reinsurance: -0.02 pp weight change; -30.8% relative return; weight 0.04%Multi-Family Residential REITs: -0.02 pp weight change; +2.6% relative return; weight 0.21%Self-Storage REITs: -0.00 pp weight change; +13.8% relative return; weight 0.22%Automobile Manufacturers: -0.32 pp weight change; -4.1% relative return; weight 2.11%Trading Companies & Distributors: +0.03 pp weight change; +34.4% relative return; weight 0.18%Copper: -0.01 pp weight change; +2.0% relative return; weight 0.15%Broadcasting: -0.04 pp weight change; -38.2% relative return; weight 0.05%Retail REITs: +0.01 pp weight change; +6.8% relative return; weight 0.32%Systems Software: -1.43 pp weight change; -7.6% relative return; weight 7.51%Systems SoftwarePackaged Foods & Meats: -0.23 pp weight change; -20.3% relative return; weight 0.52%Distributors: -0.02 pp weight change; -30.8% relative return; weight 0.04%Consumer Electronics: +0.02 pp weight change; +49.0% relative return; weight 0.09%Investment Banking & Brokerage: +0.08 pp weight change; +23.8% relative return; weight 1.11%Leisure Products: +0.00 pp weight change; +13.8% relative return; weight 0.02%Health Care Facilities: +0.01 pp weight change; +20.8% relative return; weight 0.21%Home Improvement Retail: -0.07 pp weight change; +6.8% relative return; weight 1.27%Industrial Conglomerates: -0.11 pp weight change; -3.5% relative return; weight 0.58%Hotel & Resort REITs: -0.03 pp weight change; -9.6% relative return; weight 0.11%Other Specialized REITs: +0.03 pp weight change; +63.3% relative return; weight 0.09%Construction & Engineering: +0.02 pp weight change; +21.8% relative return; weight 0.15%Cargo Ground Transportation: +0.01 pp weight change; -19.0% relative return; weight 0.14%Oil & Gas Storage & Transportation: +0.07 pp weight change; +24.5% relative return; weight 0.50%Soft Drinks & Non-alcoholic Beverages: -0.47 pp weight change; -15.6% relative return; weight 1.36%Food Retail: -0.02 pp weight change; -4.8% relative return; weight 0.09%Casinos & Gaming: -0.06 pp weight change; -16.7% relative return; weight 0.14%Construction Materials: -0.00 pp weight change; +8.1% relative return; weight 0.17%Tobacco: -0.01 pp weight change; +16.2% relative return; weight 0.70%Oil & Gas Refining & Marketing: -0.19 pp weight change; -21.2% relative return; weight 0.33%Gold: +0.02 pp weight change; -5.7% relative return; weight 0.12%Apparel, Accessories & Luxury Goods: -0.22 pp weight change; -39.2% relative return; weight 0.26%Steel: -0.06 pp weight change; -20.0% relative return; weight 0.13%Advertising: -0.00 pp weight change; +5.0% relative return; weight 0.05%Personal Care Products: -0.31 pp weight change; -13.7% relative return; weight 1.02%Industrial REITs: -0.07 pp weight change; -12.8% relative return; weight 0.25%Electronic Equipment & Instruments: -0.06 pp weight change; -7.4% relative return; weight 0.29%Apparel Retail: -0.07 pp weight change; -3.4% relative return; weight 0.41%Environmental & Facilities Services: -0.04 pp weight change; +1.9% relative return; weight 0.46%Food Distributors: -0.03 pp weight change; -12.5% relative return; weight 0.09%Integrated Telecommunication Services: -0.08 pp weight change; +5.5% relative return; weight 0.80%Electronic Manufacturing Services: +0.01 pp weight change; -6.3% relative return; weight 0.14%Other Specialty Retail: -0.02 pp weight change; -20.9% relative return; weight 0.05%Timber REITs: -0.02 pp weight change; -15.5% relative return; weight 0.05%Interactive Home Entertainment: -0.01 pp weight change; -8.7% relative return; weight 0.07%Data Processing & Outsourced Services: -0.01 pp weight change; -5.1% relative return; weight 0.06%Gas Utilities: -0.00 pp weight change; +0.1% relative return; weight 0.05%Commodity Chemicals: -0.03 pp weight change; -18.7% relative return; weight 0.08%Wireless Telecommunication Services: +0.04 pp weight change; +19.0% relative return; weight 0.61%Technology Distributors: -0.03 pp weight change; -28.3% relative return; weight 0.06%Heavy Electrical Equipment: +0.20 pp weight change; +125.0% relative return; weight 0.22%Single-Family Residential REITs: -0.02 pp weight change; -16.8% relative return; weight 0.05%Passenger Ground Transportation: +0.36 pp weight change; -11.6% relative return; weight 0.36%Footwear: +0.06 pp weight change; -22.5% relative return; weight 0.06%Health Care Technology: +0.03 pp weight change; -7.6% relative return; weight 0.03%Homefurnishing Retail: +0.00 pp weight change; -24.5% relative return; weight 0.00%12M CHANGE IN UNIVERSE WEIGHT →↑ 12M RETURN RELATIVE TO ACWI

Gaining weight · outperforming

Both dimensions increased over 12 months.

Gaining weight · underperforming

Market-weight gains coexist with negative relative returns.

Losing weight · outperforming

Relative return is positive while market weight fell.

Losing weight · underperforming

Both dimensions declined over 12 months.

The axes use raw changes and a zero boundary, not an opinion or a standardised score. A sector may gain market weight without outperforming the benchmark because allocation and relative return are different dimensions. No quadrant is called a future winner or an investment signal.